Business, Legal & Accounting Glossary
The characteristic of a good or service for which the supply may increase or decrease as needed to match changes in demand. Goods or services whose supply is elastic do not depend on scarce resources for production or fulfillment, and therefore will not see price changes as drastic as those produced by changes in demand for a limited resource.
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This glossary post was last updated: 20th November, 2021 | 0 Views.